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New Member

Do I have to claim inheritance & executor fees?

 
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New Member

Do I have to claim inheritance & executor fees?

Inheritances themselves (i.e. assets at time of death) are generally not taxable in Canada, but any income earned by the estate is. Beneficiaries have to report income distributed to them, which are generally reported by the estate on a T3 (Statement of Trust Income Allocations and Designations)

Income you earn as an executor or trustee is taxable and must be reported.

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New Member

Do I have to claim inheritance & executor fees?

Inheritances themselves (i.e. assets at time of death) are generally not taxable in Canada, but any income earned by the estate is. Beneficiaries have to report income distributed to them, which are generally reported by the estate on a T3 (Statement of Trust Income Allocations and Designations)

Income you earn as an executor or trustee is taxable and must be reported.

View solution in original post